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Mortgage 8 years after Debt Relief Order (DRO)

mark222_2
Posts: 8 Forumite


About to apply for a mortgage - do I have to disclose that I had a DRO (8 years since end of moratorium) even if it has been removed from the register and my file?
I'm fortunate enough to have a deposit that takes me over 50% and my credit rating is now very good. For most lenders would this outweigh the past DRO?
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Comments
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The general rule of thumb is to answer the question asked.
Have you EVER had a DRO, you should probably answer as yes.
Have you in the last 6 years been in a DRO, then the answer would be no.
However, I think for most people the problem is not the insolvency itself that causes it to fail credit scoring but the adverse on the credit report. I have seen plenty of cases fly though 3 years discharged where the debts were not on the credit report (HMRC debts for example).
But I think regardles of the question asked, the age, your credit report presumably being clear and your deposit, you should be fine. All I would say is that some lenders hold internal records going back further. If RBS/Natwest were in the DRO for example, they will not accept you (unless they were repaid in full).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2 -
Thank you - that's really helpful.
Do you think with the past DRO (needing to avoid Lloyds Banking Group & Santander) and also working as a supply teacher (no contract but good record of income) that I would be better using a mortgage broker? Would a specialist broker be required?
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I dont think you need a broker. I think everything is that old, if you feel confident enough and just do a few basic checks your probably more than capable on your own. That being said a broker brings experience if problems do arise.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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Thanks again for replying to my questions - much appreciated!0
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